Later life: How can you finesse your finances?

Even in later life, there are actions you can take to keep your finances strong and your lifestyle secure – and it's ok to ask for help when you need it.

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You may have to consider working longer, so delaying your retirement. It sounds like an obvious one, some people can do it. If you can't do that, that doesn't factor into your plan, start saving as much as you can now. Kind of carve out, go through your budge, what do I not need? Do I not need those $5 Starbucks or that expensive gym membership that I don't really use. Figure out where that excess money can come from and put that away for yourself. Working part time can also be a nice transition if you can find a couple of hours here or there that you can work, rather than going from having a steady paycheck down to zero, having a little bit of cash can help provide that buffer between retirement, Social Security coming in.

This is where having an advisor is really critical because Social Security is incredibly complex, because if you are in a traditional marriage, there are benefits to delaying our own social security filings and taking spousal support first and vice versa. So it is pretty complex.

Social Security, there are so many nuances, so many variables. You can boost your own benefit by taking your spouse's benefit and deferring on your own, so just playing around with all those numbers. I know Social Security Administration has calculators and tools that can help you, but nothing beats sitting down with somebody and working through something that's going to be so custom to each individual couple. The other thing is if you are single, you know that may be another consideration you'd want to talk to an advisor about because you may decide that you want to delay your benefits so you can increase them. 62 is the earliest that you can take Social Security but you're going to have a reduction in your benefits, so kind of playing all of those numbers out and keeping in mind that you are going to live a long time and retirement is really key.

I'm really glad that you mentioned I think the other really important thing is that women are not a niche and when we go out and look for a medical practitioner, you're not going to go to a brain surgeon if you need heart surgery. SO we should look for advisors who specialize in, whether it's that phase of life or that life transition and that's really important piece to making sure that you are getting the best advice for your particular situation.

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